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The European Union (EU) made official the reduction in the tariffs on Argentinean biodiesel, following the decision to reopen the bloc to the product earlier this month. As a result, the Argentinean biodiesel exports to the EU would be taxed at 15% on average. According to the Argentinean Ministry of Agroindustry, the South American country recovers an export destination that in 2011 sold 1,488,710 tons in volume for more than US$ 1.8 billion. In 2013, the EU imposed an anti-dumping measure, with definitive tariffs of almost 25% on the Argentinean product. The case was brought by Argentina to the WTO. Last year, WTO ruled against the UE decision and forced it to drastically reduce countervailing duties for Argentinean biodiesel. On September 8, the body approved in Brussels a drop in import duties to reach a 4.5% to 10% range. The news comes a few weeks after the United States applied a sharp increase in tariffs to import Argentinean biodiesel, which virtually paralyzed local producers' shipments.
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The 7.1 magnitude earthquake that shook Mexico on Tuesday has killed 217 people so far, said country's Civil Protection Agency. On Twitter, the National Coordinator of Civil Protection, Luis Felipe Puente, reported that there were 86 deaths in Mexico City, 71 in Morelos, 43 in Puebla, 12 in Mexico state, 4 in Guerrero and 1 in Oaxaca. Puente also warned that it is possible that there are still more landslides and building collapses. Local authorities initially reported two almost simultaneous earthquakes, but later Mexico's National Seismological Service reported that there was only one 7.1 magnitude quake. The epicenter was located 12 kilometers southeast of Axochiapan, in Morelos state, and a depth of 57 kilometers. The most stressing situation at the moment is the ongoing rescue in a collapsed school in Mexico City, where so far authorities report 26 children who died and 30 disappeared. The governor of the capital, Miguel Angel Mancera, decreed the state of emergency in the city. Mexican President Enrique Pe?a Nieto activated a plan to coordinate federal rescue and humanitarian efforts in emergency cases. "The priority at this moment is to continue the rescue of those still trapped and to provide medical care to the wounded," said the president. The tremor hit Mexico's capital only a few days after an 8.1 magnitude quake has left 96 people dead in the country's Southern region. The quake also occurred exactly 32 years after a powerful tremor in Mexico City has killed around 10,000 people.
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Crude oil prices continued to rise Wednesday despite a significant build in U.S. oil inventories. With OPEC signaling its determination to curb supplies, oil prices have risen sharply over the past week. Nov. WTI added 79 cents, or 1.6%, to settle at $50.69/bbl. Oct. WTI was up 93 cents, or 1.9%, to finish at $50.41/bbl on contract's expiration day. Crude inventories rose for a third straight week, by 4.6 million barrels in the week ending Sept. 15, the Energy Information Administration said today. "OPEC is expected to maintain its strategy of capturing market share during price downturns," the EIA says.
